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1. Company Snapshot

1.a. Company Description

Boot Barn Holdings, Inc., a lifestyle retail chain, operates specialty retail stores in the United States.The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids.It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.


The company also provides gifts and home merchandise.As of May 10, 2022, it operated 304 stores in 38 states.The company also sells its products through e-commerce websites, including bootbarn.com; sheplers.com; and countryoutfitter.com.


The company was formerly known as WW Top Investment Corporation and changed its name to Boot Barn Holdings, Inc.in June 2014.Boot Barn Holdings, Inc.


was founded in 1978 and is based in Irvine, California.

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1.b. Last Insights on BOOT

Boot Barn Holdings, Inc.'s recent performance is driven by robust growth attributes, including exceptional net sales growth of 18.7% and same-store sales increase of 8.4% (Boot Barn Holdings, Inc. Announces Second Quarter Fiscal Year 2026 Financial Results). The company's Q2 earnings beat estimates, with quarterly earnings of $1.37 per share (Boot Barn (BOOT) Q2 Earnings and Revenues Beat Estimates). Boot Barn's expansion plans, including a target of 1,200 stores nationwide, are expected to drive long-term gains (Can Boot Barn's 15% Unit Growth Plan Deliver Long-Term Gains?). Additionally, the company's e-commerce momentum, fueled by AI-powered upgrades, contributed to 14% e-commerce same-store sales growth (BOOT's Omnichannel Strength: Is AI the New Profit Driver?). A recent rating upgrade to Buy by Zacks reflects growing optimism about the company's earnings prospects (All You Need to Know About Boot Barn (BOOT) Rating Upgrade to Buy). Creative Planning increased its stake in Boot Barn by 27.7%, indicating confidence in the company's growth prospects (Creative Planning Has $1.74 Million Stake in Boot Barn Holdings, Inc.).

1.c. Company Highlights

2. Boot Barn's Q2 Earnings: A Strong Performance

Boot Barn reported a robust second quarter with revenue increasing 19% to $505 million, driven by sales from 64 new stores and consolidated same-store sales growth of 8.4%. The company's merchandise margin rate expanded 80 basis points to 36.4%, contributing to a 20% increase in gross profit to $184 million. Earnings per diluted share came in at $1.37, beating estimates of $1.26.

Publication Date: Nov -02

📋 Highlights
  • Revenue Growth:: Q2 revenue rose 19% to $505 million, driven by 64 new stores and 8.4% same-store sales growth.
  • TAM Expansion:: Total addressable market increased 45% to $58 billion, with U.S. store count potential raised to 1,200 units.
  • Full-Year Guidance:: Sales raised to $2.235 billion (17% growth), with same-store sales expected at 6% and merchandise margin of 50.6%.
  • New Store Plan:: 15% new unit growth in fiscal ’26 (70 stores), capitalizing on $125–130 million in capex and $39 million in tenant allowances.
  • E-Commerce Momentum:: Online sales surged 24% in October, with 14% YoY growth, supported by site enhancements and paid social media campaigns.

Operational Highlights

The company is experiencing broad-based strength across all major merchandise categories, both in-store and online. The management team is encouraged by the performance, citing the success of their merchandising initiatives, particularly in denim. The company's e-commerce business has seen significant strength, with a 24% increase in October and a year-over-year increase of 14%.

Store Expansion and Total Addressable Market

Boot Barn has revisited its total addressable market (TAM) and long-term store count potential, increasing its TAM estimate from $40 billion to $58 billion. The company now expects to reach 1,200 stores, with 12% to 15% new units annually. The management team is confident in its ability to manage the added operational complexity while protecting the culture and in-store standards.

Guidance and Outlook

The company is increasing its full-year guidance, with total sales expected to be $2.235 billion, representing a 17% growth over fiscal '25. For the third quarter, Boot Barn expects total sales at the high end of its guidance range to be $700 million and a consolidated same-store sales increase of 4.5%. The guidance is based on a 3% haircut applied to the sales model due to macro uncertainty.

Valuation and Metrics

With a P/E Ratio of 27.81 and an EV/EBITDA of 19.48, the market is pricing in a certain level of growth for Boot Barn. The company's ROE stands at 18.11%, and ROIC at 10.8%, indicating a strong return on equity and invested capital. Analysts estimate next year's revenue growth at 16.3%, which is in line with the company's long-term growth prospects. The current valuation multiples suggest that the market is expecting sustained growth and profitability from Boot Barn.

3. NewsRoom

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Fisher Asset Management LLC Purchases 162,106 Shares of Boot Barn Holdings, Inc. $BOOT

Dec -03

Source: defenseworld.net

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Boot Barn Holdings, Inc. $BOOT Shares Sold by Cetera Investment Advisers

Dec -02

Source: defenseworld.net

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4 Stocks to Boost Your Portfolio as Retail Sales Grow Powered by AI

Dec -01

Source: zacks.com

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Is Boot Barn (BOOT) Stock Outpacing Its Retail-Wholesale Peers This Year?

Nov -28

Source: zacks.com

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The Zacks Analyst Blog Crocs, On Holding, Ralph Lauren, Kontoor and Boot Barn

Nov -28

Source: zacks.com

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Boot Barn Holdings, Inc. $BOOT Shares Sold by Advantage Alpha Capital Partners LP

Nov -28

Source: defenseworld.net

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Creative Planning Has $1.74 Million Stake in Boot Barn Holdings, Inc. $BOOT

Nov -27

Source: defenseworld.net

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Buy 5 Apparel & Shoes Stocks to Kick Off Your Black Friday Shopping

Nov -26

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.44%)

6. Segments

Stores

Expected Growth: 5%

Boot Barn Holdings, Inc.'s 5% growth is driven by increasing demand for western and work-related apparel, expansion into new markets, and strategic store openings. Additionally, the company's focus on omnichannel retailing, effective inventory management, and strong brand recognition contribute to its growth momentum.

E-commerce

Expected Growth: 9%

Boot Barn Holdings, Inc.'s 9% e-commerce growth is driven by increasing online penetration, effective digital marketing, and a strong brand presence. Additionally, the company's investments in omnichannel capabilities, such as buy-online-pickup-in-store (BOPIS) and curbside pickup, have enhanced the customer experience, leading to higher online sales and loyalty.

7. Detailed Products

Western and Work Boots

High-quality boots designed for durability and comfort, suitable for work, outdoor activities, and western-inspired fashion

Casual Boots and Shoes

Stylish and comfortable footwear for everyday wear, including sneakers, sandals, and casual boots

Work Apparel and Accessories

Durable and functional clothing and accessories for work, outdoor activities, and western-inspired fashion

Western-inspired Apparel

Fashionable clothing and accessories inspired by western heritage, including shirts, jeans, and hats

Gifts and Accessories

Unique gifts and accessories, such as belt buckles, jewelry, and home decor, inspired by western heritage

8. Boot Barn Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Boot Barn Holdings, Inc. is medium due to the presence of alternative products and services in the market. While there are some substitutes available, they are not a significant threat to the company's business.

Bargaining Power Of Customers

The bargaining power of customers for Boot Barn Holdings, Inc. is low due to the company's strong brand presence and customer loyalty. Customers have limited bargaining power, and the company has a strong pricing strategy.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Boot Barn Holdings, Inc. is medium due to the presence of multiple suppliers in the market. While suppliers have some bargaining power, the company's strong relationships and contracts mitigate this risk.

Threat Of New Entrants

The threat of new entrants for Boot Barn Holdings, Inc. is low due to the high barriers to entry in the market. New entrants would require significant investment and resources to compete with the company's established brand and operations.

Intensity Of Rivalry

The intensity of rivalry for Boot Barn Holdings, Inc. is high due to the competitive nature of the market. The company operates in a highly competitive industry, and rivalry among competitors is intense.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 33.09%
Debt Cost 3.95%
Equity Weight 66.91%
Equity Cost 14.70%
WACC 11.14%
Leverage 49.46%

11. Quality Control: Boot Barn Holdings, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Urban Outfitters

A-Score: 5.4/10

Value: 6.3

Growth: 6.9

Quality: 6.1

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

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Gap

A-Score: 5.0/10

Value: 6.6

Growth: 4.7

Quality: 5.2

Yield: 7.0

Momentum: 5.0

Volatility: 1.3

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American Eagle Outfitters

A-Score: 4.4/10

Value: 6.6

Growth: 4.6

Quality: 4.5

Yield: 6.0

Momentum: 2.5

Volatility: 2.0

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Abercrombie & Fitch

A-Score: 4.3/10

Value: 7.1

Growth: 8.3

Quality: 6.8

Yield: 0.0

Momentum: 0.5

Volatility: 3.0

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Boot Barn

A-Score: 4.2/10

Value: 2.3

Growth: 8.0

Quality: 5.9

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

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Burlington Stores

A-Score: 3.8/10

Value: 2.0

Growth: 5.9

Quality: 4.7

Yield: 0.0

Momentum: 5.0

Volatility: 5.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

198.2$

Current Price

198.2$

Potential

-0.00%

Expected Cash-Flows